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District Cooling Market by Growth Factors, Opportunities, And Forecast To 2026 | Key Companies- Ramboll, Fortum, EMICOOL LLC., ENGIE, National Central Cooling Company, Vattenfall, Siemens, Veolia, Qatar District Cooling Company

03-17-2020 12:41 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Global Market Insights

District Cooling Market

District Cooling Market

District cooling market, however, makes economic sense in areas of highly cooling density. According to estimates, district cooling consumes nearly 40 to 50% less energy for every refrigeration ton-hour that traditional in-house building technologies. In fact, as per experts' opinion, these sustainable services under favorable circumstances offer significant operational efficiency as well as cost gains.

From the economic point of scale as well, district cooling market is indeed a viable investment spot for GCC countries. Air conditioning across these regions is deemed to be highly cost intensive. As per estimates, the cooling capacity installation across GCC belt approximately costs around USD 50 billion. Accounting for almost 50% of annual electricity consumption and an annual fuel opportunity cost of USD 20 billion, air conditioning presently is the chief determinant of the region's increasing power requirements. It has been claimed that the cooling demand in this belt would nearly triple by the end of 2030, due to extreme climatic conditions. Meeting this requirement would cost GCC nearly USD 100 billion for installing new cooling capacity and an additional USD 120 billion for new power capacity, if it continues to maintain the existing cooling technology pattern.

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Recently, the Emirates Central Cooling Systems Corporation or Empower, one of the most notable providers of district cooling services, announced that it will be providing 3,900 Refrigeration Tons (RT) district cooling services to Wasl Tower. Notably, the Wasl Tower is a 300 meters tall building and has 64 floors which include offices, residences, and a hotel. Incidentally, district cooling market has a prominent presence in Dubai where Empower currently provides more than 1000 commercial and residential buildings, hospitals, shopping malls, hotels and universities with cooling solutions. These solutions apparently sum up to serving almost 1.34 million RT, providing district cooling services to large-scale real estate projects. Empower presents one example of how district cooling has pervaded the structure of Dubai and how the Middle East is looking to explore more sustainable options for the intense amount of cooling the region requires.

The Dubai Supreme Council of Energy has recognized the potential of district cooling and has been organizing the district cooling sector to yield better results for the betterment of the energy industry. The Council aims to increase investments in the district cooling market from 20% to 40% by 2030 which in turn will not only improve the performance of district cooling operations in the city but also place the city in line to meet the goals set by the ambitious Vision 2030 project undertaken by the country. As sustainability has become the buzzword in the energy industry, promotion for district cooling also supports the Dubai Clean Energy Strategy 2050 which aims at transforming Dubai into an international hub for green economy and clean energy.

As Dubai gears up to be a city with the lowest carbon footprint in the world, other cities are also expansively investing in adopting district cooling as a means of cutting off the harmful effects of chlorofluorocarbons. For instance, the Finnish city of Helsinki has sourced all its heating and cooling needs from a district energy system so efficient that it has been awarded for the high levels of innovation depicted. The utility had set a target to increase cooling capacity to over 200 MW and expand cooling of new residential areas by 2020. The city of Helsinki targets to reach 20% share in renewables in energy production by 2020, thereby proving itself to be a pivotal regional contender in district cooling market.

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Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
o Ramboll
o Fortum
o Emicool
o Engie
o Tabreed
o Vattenfall
o Siemens
o Veolia
o Helen
o Empower
o Qatar Cool
o Keppel Dhc
o Singapore District Cooling
o SNC Lavalin
o ADC Energy Systems
o Stellar Energy
o Shinryo Corporation
o Cetetherm
o Wien Energie
o Goteborg
o Logstor
o Danfoss
o Marafeq
o DC Pro
o Pal Technologies

The Netherland Environmental Agency estimated that during the period 2000-2100 energy demands for cooling will rise by 72% approximately. If the prevalent decentral cooling technologies are continued to be in use, this development in cooling needs will increase the present levels of CO2 emission and in turn add to the burden of climate deterioration that is the greatest threat to human lives at present. New solutions are emerging in this regard to meet the increasing demand for air conditioning while simultaneously striving to not compromise on environment safety.

Legislations regarding phasing out of traditional refrigerants in U.S. and Europe and organizing efforts for the novel sustainable energy technology in the Middle East is forcing building owners not only to adopt the new cooling solutions but also to replace existing air conditioning systems with new systems that guarantee to decrease the CO2 load of the planet.

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